This same fraud then "impersonated them first as British Territorial Citizens" and slightly later as "citizens of the United States." The next immediate task is monetary reform after they have reestablished their political status. How many more books do we need to tell us the magic money scheme has been harvesting our energy and resources since 1913? We can refuse the kleptocrats' model and self-organize instead, while inviting middlemen to break away from this malign system and join our winning team. JP Morgan can go structure cow sh*t derivatives. Reform cannot come from within these corporate structures. It must be done externally - that's us.
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Source: Wall Street on Parade
New Book Proves U.S. Is Living Under a Disastrous Banking Model from a Century Ago
By Pam Martens and Russ Martens: October 13, 2020 ~
Taming the Megabanks, Book JacketIt has been the contention of Wall Street On Parade for more than a decade that today's so-called "universal banks," also variously known as megabanks or Global Systemically Important Banks (G-SIBs), are a banking model from hell that was thoroughly discredited in the tens of thousands of transcripts and documents released by the U.S. Senate following its multi-year investigation of that structure in the early 1930s.
Now the seminal book proving that theory has just been published. Written by Arthur E. Wilmarth, Jr. and titled Taming the Megabanks: Why We Need a New Glass-Steagall Act, the book brilliantly takes the reader through a riveting guided tour covering the past century and the resurrection of this same disastrous U.S. banking model in 1999.
Oxford University Press is the publisher of Wilmarth's book. We can envision it becoming one of the most important works of this century in providing the impetus for Congress to finally restore the Glass-Steagall Act – the 1933 to 1999 law that mandated the separation of stock trading and stock underwriting firms from federally-insured, deposit-taking banks. That legislation protected the U.S. financial system for 66 years. It took just nine years after its repeal for the universal banks on Wall Street to blow up the financial system in a replay of 1929, taking the U.S. economy along for the gut-wrenching ride.
Wilmarth's writing is so insightful and profound in its analysis of the similarities between the banks of the late 1920s and today that it feels like the ghost of Ferdinand Pecora might have been whispering in Wilmarth's ear. Pecora was a former prosecutor from New York who was chosen to preside over much of the early 1930s Senate Banking hearings and investigations of the corrupt Wall Street structure that led to the 1929 crash and Great Depression.
Three banking names that played significant roles in the crash of 1929 and the ensuing Great Depression were National City Bank, JP Morgan, and Chase National Bank. National City Bank was the precursor to today's Citigroup, the bank that would have collapsed in 2008 except for the largest taxpayer and Federal Reserve bailout in global banking history. JPMorgan and Chase combined in 2000 to create today's JPMorgan Chase.
It's pretty uncanny that Wilmarth's book is being released just as JPMorgan Chase has admitted to its fourth and fifth criminal felony counts in the past six years and the Office of the Comptroller of the Currency (OCC) has just slapped a $400 million fine against Citigroup and threatened to remove its entire Board of Directors: All while the Trump administration attempts to further deregulate Wall Street.
The earlier years of the OCC, the federal regulator of national banks, are brought to life in Wilmarth’s book along with the feisty character of John Skelton Williams, who was appointed to head the OCC by President Woodrow Wilson in 1914. Wilmarth quotes as follows from one of Williams' scathing critiques on the nature of Wall Street in that era:
Just yesterday we reported on how JPMorgan Chase was extending millions of dollars to its Board Members and their businesses while simultaneously branding them "independent" Directors.
Please go to Wall Street on Parade to read the entire article.
New Book Proves U.S. Is Living Under a Disastrous Banking Model from a Century Ago
By Pam Martens and Russ Martens: October 13, 2020 ~
Taming the Megabanks, Book JacketIt has been the contention of Wall Street On Parade for more than a decade that today's so-called "universal banks," also variously known as megabanks or Global Systemically Important Banks (G-SIBs), are a banking model from hell that was thoroughly discredited in the tens of thousands of transcripts and documents released by the U.S. Senate following its multi-year investigation of that structure in the early 1930s.
Now the seminal book proving that theory has just been published. Written by Arthur E. Wilmarth, Jr. and titled Taming the Megabanks: Why We Need a New Glass-Steagall Act, the book brilliantly takes the reader through a riveting guided tour covering the past century and the resurrection of this same disastrous U.S. banking model in 1999.
Oxford University Press is the publisher of Wilmarth's book. We can envision it becoming one of the most important works of this century in providing the impetus for Congress to finally restore the Glass-Steagall Act – the 1933 to 1999 law that mandated the separation of stock trading and stock underwriting firms from federally-insured, deposit-taking banks. That legislation protected the U.S. financial system for 66 years. It took just nine years after its repeal for the universal banks on Wall Street to blow up the financial system in a replay of 1929, taking the U.S. economy along for the gut-wrenching ride.
Wilmarth's writing is so insightful and profound in its analysis of the similarities between the banks of the late 1920s and today that it feels like the ghost of Ferdinand Pecora might have been whispering in Wilmarth's ear. Pecora was a former prosecutor from New York who was chosen to preside over much of the early 1930s Senate Banking hearings and investigations of the corrupt Wall Street structure that led to the 1929 crash and Great Depression.
Three banking names that played significant roles in the crash of 1929 and the ensuing Great Depression were National City Bank, JP Morgan, and Chase National Bank. National City Bank was the precursor to today's Citigroup, the bank that would have collapsed in 2008 except for the largest taxpayer and Federal Reserve bailout in global banking history. JPMorgan and Chase combined in 2000 to create today's JPMorgan Chase.
It's pretty uncanny that Wilmarth's book is being released just as JPMorgan Chase has admitted to its fourth and fifth criminal felony counts in the past six years and the Office of the Comptroller of the Currency (OCC) has just slapped a $400 million fine against Citigroup and threatened to remove its entire Board of Directors: All while the Trump administration attempts to further deregulate Wall Street.
The earlier years of the OCC, the federal regulator of national banks, are brought to life in Wilmarth’s book along with the feisty character of John Skelton Williams, who was appointed to head the OCC by President Woodrow Wilson in 1914. Wilmarth quotes as follows from one of Williams' scathing critiques on the nature of Wall Street in that era:
"New York has become the commercial capital of the country, the great citadel of the money power, the reservoir of money supply. It is the walled city from which the barons have levied tribute on a territory and population vaster than any Lord or King of the Middle Ages dreamed of, yet sometimes using methods as ruthless and savage as those of the fiercest of the robber nobles….Reading this incredibly timely book provides many cases of déjà vu. Wilmarth writes about how Williams wrote to the Federal Reserve to criticize Chase National Bank "for providing $40 million of loans to insiders and their related interests, including $10 million of loans extended to its president, Albert Wiggin, and his family."
"No sudden sweep by a feudal magnate on his peaceful neighbors was a more cruel or shameless plundering than some of the transactions which have been brought to light by which the shareholders of railways and other great enterprises…were despoiled. Their property and money were taken from them by the might of masses of money working stealthily."
Just yesterday we reported on how JPMorgan Chase was extending millions of dollars to its Board Members and their businesses while simultaneously branding them "independent" Directors.
Please go to Wall Street on Parade to read the entire article.
________
Related:
Senator Whitehouse Named Names in Dark Money Tutorial at Amy Barrett's Confirmation Hearing
Restore Glass-Steagall To Reclaim U.S. Banking from the Wall Street Casino
Monetary Reform
Capitalism's Charade Continues
Some insightful reading and it could work but the bottom line is monetary reform must be the priority for Americans. Ideas and ideals take a back seat when it comes to personal economic circumstances for individuals.
What If We Ignore the Government?
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